Taylor Community Expands in New Hampshire
Continuum Advisors facilitated the sale of a CCRC in Meredith, New Hampshire, near the shores of Lake Winnipesaukee. Financially strained for several years, the community was sold through a court-directed process with OnePoint Partners serving as the Rehabilitation Trustee and Continuum was retained to market the CCRC for sale. Built in 2008, Meredith Bay Colony Club comprises 85 units (41 independent living, 20 assisted living and 24 memory care units) on over 11 acres with an additional 18+ acres of undeveloped land for future expansion. David Kliewer and Jay Jordan led the sale to close on November 1. The purchase price was $11 million, or $129,400 per unit. Additionally, the... Read More »
In-Place Tenant Acquires New Jersey Community
Blueprint’s Ben Firestone, Steve Thomes and Kory Buzin were engaged by a New Jersey-based investor/developer in its divestment of a seniors housing community. The ultimate buyer was the in-place tenant, Springpoint Senior Living. Built in 2022, the community comprises 60 units of assisted living and memory care in Manalapan, New Jersey. It experienced a drawn-out lease up through its first two years in operation, falling short of the census necessary to normalize staffing, marketing and other operational expenses, ultimately impacting its ability to stabilize from an NOI perspective. Blueprint approached a targeted list of qualified investors. Through a multi-round marketing effort,... Read More »
SLIB Handles Illinois MC Deal
A small, rural memory care community traded in Illinois, and for a market cap rate. Built in 2012, the community features just 46 units in the town of Taylorsville in central Illinois. It was 87% occupied, and was operating at a 14% margin on more than $2.9 million of revenues. That maybe could be improved, but it is a rural market and a small facility, as well. The private equity seller was divesting to redeploy capital into other projects. They sold the building for $4.5 million, or $97,800 per unit, at a 9.2% cap rate. The buyer was looking to continue growing their portfolio in the state. Vince Viverito, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage handled the... Read More »
Texas AA Community Trades
Active adult deals have been relatively rare this year, as interest rates rose above AA’s typical cap rates, but we’ve seen a smattering of older assets trade in recent weeks. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Encore at Buckingham, a 242-unit active adult community in Richardson, Texas. Built in 2001, the asset has four stories in a garden style, with a swimming pool, heated spa, movie theater, elevator and library. The average unit size is 806 square feet. Occupancy was strong in the past year, averaging 98% occupancy. And it was operating at a healthy margin, with some room to improve. The asset sold for $36.2 million, or... Read More »
CCRC Switches From Not-For-Profit to Private Hands
Ziegler facilitated the sale of a not-for-profit, Episocopal Church-based, rental CCRC in Waterford Township, Michigan. Built in 1994, Canterbury on the Lake is a 273-bed/unit senior living campus with seniors housing and skilled nursing services. Nick Glaisner handled the transaction, which closed on October 31. The campus encountered obstacles with the physical plant over the past year, compounded by a difficult economic climate. Ziegler identified a group of qualified buyers capable of managing the campus and absorbing interim operational losses until the transaction was completed. The acquiring party, a private owner/operator based in Lakewood, New Jersey, took over as interim manager... Read More »Schedule a demo
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